Harish Gupta vs. Income Tax Officer
Case No: ITA No.1189/Del/2024
Court: Income Tax Appellate Tribunal, Delhi Bench, ‘B’: New Delhi
Date: 3/24/2025
Parties Involved
appellantHarish Gupta
respondentIncome Tax Officer, Ward-44(3), Delhi
Facts Summary
The assessee, Harish Gupta, filed his income tax return after the due date, which was treated as invalid by the Assessing Officer (AO). The AO had information that the assessee deposited a large sum of cash during the demonetization period and other cash deposits in the previous year. Since the assessee did not file the return on time, the AO completed the assessment under section 144 of the Income Tax Act. The AO treated the cash deposits as unexplained money under section 69A and added the ent…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the profit rate of 8% applied by the CIT(A) on the cash deposits is reasonable.